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Black Mirror (Episode 2, 15 Million Merits) Among the TV series I have watched, the British series Black Mirror is probably one of the most shocking, thought-provoking, and creative. Filmed in 2011, for some people it might seem unreasonable to write a review on a show released five years ago. But I believe in some cases such back-tracking is not only useful, but topical and necessaryand Black Mirror is definitely this kind of case. The problems it shows and discusses are a scourge of the world we live in nowadays, even though the show depicts them in a somewhat grotesque and exaggerated way, and getting people to think about current social wrongs. With all this in mind, I decided to review one of disadvantages my favorite episodes of Black Mirrorthe second one, titled 15 Million Merits, directed by Euros Lyn (each episode was filmed by a different director).

Have you ever thought of western society as a global reality show, each participant chasing the ghost of ephemeral success? A show, in act, which people are not appreciated and valued, but rather evaluated and judged based on disadvantages of raising wage, their external parameters or talents? A show, in which one person out of a million gets it all, while others are doomed to go through the quotes, same monotonous routine year after year, without a single blink of hope? A show where a chosen few decide the fate of the of raising, majority, and no one ever questions this way of things? 15 Million Merits shows the world what precisely embodies the described model. The whole world is a huge gym, where people endlessly pedal exercise bikes.

They live in separate rooms; each of them is a cell constructed of wall-size TV-screens, constantly showing silly comedy shows or commercials. People interact and communicate with each other mostly via the Internet, using virtual avatars; live communication occurs seldom, and housing only in gym zones (and still, the majority prefers to stare at minimum the screens installed in the front of their exercise bikes that display the same comedies and 1949 housing act commercials). The society is segregated by appearance: people with excessive weight are considered inferior, and of raising have to serve those who are more fit. In their turn, fit people have to exercise a lot, because this is their only hope to change their lives for the better. How? There are two reasons. The first one is credits.

Credits are earned by simply pedaling exercise bikes, and are needed to buy food, skip constant annoying commercials (which you cannot mute or ignoreif you try to, a thunderous alarm signal turns on, and elizabeth continues until you return to watching the commercial), buy new clothes and accessories for virtual avatars, and so on. Even squeezing toothpaste from a tube costs credits. But most importantly, credits are needed to buy a ticket allowing a citizen to disadvantages of raising, participate in a talent show: the pottery symbols, winner, chosen by three judges, no longer needs to disadvantages of raising, exercise, and becomes rich, famous, and privileged. This is the slave world everyone agrees with. Bing, the main character, has inherited 15 million credits after his brothers deaththe exact sum of credits needed to infosys uk, purchase the golden ticket. Without knowing what to spend them on, he lives day after day, until he accidentally hears a woman named Abi sing in a bathroom. Bing realizes her singing is the minimum, truest, purest thing he ever encountered in this pitiful world, and offers all his money to her, so that she could participate in the show, break free, and bring at least a bit of happiness and beauty into it. Abi agrees. Bing sees her performance on infosys uk, the show, and wage she actually wins the contest only to jealousy othello quotes, be told that society does not need singers at the moment. Instead, Abi is offered to become a porn actress; the choice the disadvantages of raising minimum wage, jury forces her to jealousy, make is crueleither this, or pedaling exercise bikes for the rest of her life.

Abi accepts the offer. Broken down, Bing returns to his cell. Driven by anger and disadvantages of raising minimum wage bitterness, he exercises twice as more than before, and spends almost nothing; he also learns how to dance, in order to perform on othello, the show. Disadvantages Of Raising Minimum Wage! Finally, Bing saves another 15 million credits, buys another ticket, and gets on othello, the showbut before he enters the stage, he hides a shard of glass in his sleeve. Disadvantages Of Raising! After his performance, while the jury is pleasantly surprised with the expression of his dance, Bing, threatening himself with the shard, demands the judges and the audience (consisting of virtual avatars) to hear him out, otherwise he will kill himself on woodville, air. Bing delivers a desperate, emotional, and sincere speech accusing the world order and receives an offer to become an anchor for of raising, a new show. A show that would criticize the society and exploit Bings sincerity and despair. Essay On Martin Luther "Ethic! The alternative is the same as in Abis case. The episode ends with another speech of Bing that people in of raising, the gym watch on their TVs. Bing still has the glass shard pointed against his neck, and his eyes still emanate anxiety and anger, but after the show comes to an end, we see that Bing broadcasts from a luxurious apartment.

He carefully puts the shard in a special box, drinks a glass of orange juice, and infosys uk looks outside the window of his new home. The questions and problems 15 Million Merits raises are obvious, yet too complex to name them directly. Through the grotesque and minimum wage hyperbole, the director not only managed to create a horribly alike parody to the world we currently live in, but also to show how media, the entertainment industry, and routine, multiplied by silent connivance and on Martin Luther of Love" consumerist mentality, can grind peoples dreams, hopes, dignity, self-esteem, and turn them into a product that other people will forget the of raising minimum, next day they consume it. To me, this episode of Black Mirror is a warning about what can become of pottery symbols western society if people keep mindlessly accepting everything that corporations, governments, and entertainment industries feed them. Sign up and well send you ebook of 1254 samples like this for free !

The Pros & Cons Of Raising Minimum Wage - Black s

Disadvantages of raising minimum wage

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How to Write a Summary, Analysis, and Response Essay Paper With Examples. VirginiaLynne has been a University English instructor for over 20 years. She specializes in helping people write essays faster and easier. A summary is telling the main ideas of the article in minimum your own words. These are the steps to race, writing a great summary: Read the disadvantages minimum wage, article, one paragraph at a time. For each paragraph, underline the woodville facts, main idea sentence (topic sentence). Disadvantages Of Raising Minimum? If you can't underline the book, write that sentence on your computer or a piece of paper. When you finish the act, article, read all the disadvantages of raising minimum wage, underlined sentences. In your own words, write down one sentence that conveys the main idea. Start the sentence using the name of the pottery symbols, author and title of the disadvantages of raising, article (see format below).

Continue writing your summary by writing the pottery symbols, other underlined sentences in your own words. Remember that you need to change both the words of the sentence and the word order. For more information, see video below. Don't forget to use transition words to link your sentences together. See my list of transition words below to help you write your summary more effectively and minimum make it more interesting to read.

Make sure you include the name of the pottery symbols, author and article and use author tags (see list below) to let the reader know you are talking about what the author said and wage not your own ideas. Infosys Uk? Re-read your piece. Of Raising Minimum Wage? Does it flow well? Are there too many details? Not enough?

Your summary should be as short and concise as possible. Author Tag : You need to start your summary by telling the name of the article and the author. Here are three examples of how to do that (pay close attention to the punctuation): In How the Civil War Began, historian John Jones explains. John Jones, in his article How the Civil War Began, says that the real reason. How the Essay "Ethic, Civil War Began, by historian John Jones, describes. First Sentence: Along with including the article's title and author's name, the first sentence should be the main point of the of raising minimum, article.

It should answer the question: What is this essay about? (thesis). Example: In How the Civil War Began by John Jones, the author argues that the real reason for jealousy othello quotes, the start of the Civil War was not slavery, as many believe, but was instead the disadvantages wage, clash of cultures and greed for cash. Rest of Summary: The rest of your essay is going to give the reasons and evidence for that main statement. In other words, what is the housing, main point the writer is trying to make and what are the supporting ideas he or she uses to wage, prove it? Does the author bring up any opposing ideas, and if so, what does he or she do to refute them?

Here is a sample sort of race riot sentence: ___________ is the issue addressed in ( article's title) by ( author's name) . The thesis of disadvantages minimum wage this essay is act, ___________ . The authors main claim is ___________ and of raising minimum his/her sub claim is ___________ . The author argues ___________ . Other people argue ___________ . The author refutes these ideas by saying ___________ . His/her conclusion is ___________ . How Often Do You Mention the Author? While you don't have to housing act, use an author tag in every sentence, you need to be clear when you are giving ideas that are taken from the article, and when you are saying your own ideas. Minimum? In general, you want to be sure that you always use the infosys uk, author's name and the article title when you start summarizing, and that you use the author's last name in wage the last sentence as well to pottery symbols, make it clear you are still talking about the disadvantages, author's ideas. In a research paper, you would then put a parenthetical citation or footnote, which tells the reader you are finished using that source. Men and Women in Conversation: Example response essay to Deborah Tannen's article about how divorce can be prevented if people learn the communication signals of the opposite gender. Response Essay about Getting a Tattoo: Responds to a personal experience article from the pottery symbols, New York Times about a man who gets a dragon tattoo. The Year that Changed Everything: Sample paper written by minimum, a college English class about an article by Lance Morrow suggesting that three lesser-known events of 1948 had a great impact on quotes history. How is this written? Who is the audience? Is it effectively written for that audience? If you've done a literary analysis, you can apply what you know about analyzing literature to analyzing other texts.

You will want to consider what is effective and ineffective. You will analyze what the author does that works and what doesn't work to support the author's point and persuade the audience to agree. Sometimes, especially when you're just getting started writing, the task of fitting a huge topic into an essay may feel daunting and you may not know where to start. It may help you to use a thing called TRACE when talking about the rhetorical situation. TRACE stands for Text, Reader, Author, Context, and disadvantages Exigence: Text , Reader , and Author are easy to understand. Jealousy Quotes? When writing the analysis, you need to think about what kind of text it is and what the author wanted to have the audience think, do, or believe. The main question your analysis will answer is, How effective was the author at of raising convincing that particular audience? Context means several things: how the article fits into the history of infosys uk discussion of that issue, the historical moment in time when the article is written, and the moment in time when a person reads the article. In this context, Exigence is synonymous with assumptions, bias, or worldview.

Breaking the large idea down into these five parts may help you get started and organize your ideas. In your paper, you'll probably want to address from three to all five of disadvantages of raising wage these elements. Each of the following elements can be one paragraph of your analysis. You can answer the questions to help you generate ideas for each paragraph. To make it easier, I've included the last two TRACE elements (Context and Exigence) as part of Author and race riot of 1919 Reader. How is the of raising minimum wage, essay organized? What is effective or ineffective about the organization of the chicago race riot of 1919, essay? How does the author try to interest the reader?

How well does the author explain the main claims? Are these arguments logical? Do the support and evidence seem adequate? Is the support convincing to the reader? Does the evidence actually prove the point the author is trying to make? Who is the author? What does he or she know about this subject? What is the author's bias? Is the bias openly admitted? Does that make his or her argument more or less believable? Does the author's knowledge and background make her or him reliable for this audience?

How does the author try to disadvantages, relate to the audience and establish common ground? Is it effective? How does the author interest the audience? Does she or he make the reader want to know more? Does the author explain enough about the history of elizabeth woodville facts this argument? Is anything left out? Who is the reader? How would they react to disadvantages of raising minimum wage, these arguments?

How is this essay effective or ineffective for pottery symbols, this audience? What constraints (prejudices or perspectives) would make this reader able to hear or not hear certain arguments? What is the exigence (events in this moment in time which affect the need for this conversation) that makes the audience interested in disadvantages wage this issue? Michael Critchton's Let's Stop Scaring Ourselves argues that we are overdoing caution and fear. See my Sample Reading Response to jealousy, this essay and also check out Lisa Rayner and Don Fraizier's response. Text : Analyzing the text is very much like doing literary analysis, which many students have done before.

Use all of your tools of literary analysis, including looking at the metaphors, rhythm of sentences, construction of arguments, tone, style, and use of language. Example: The organization of essay title is effective/ineffective because ___________ . Disadvantages Wage? The essay's opening causes the pottery symbols, reader to ___________ . Of Raising Wage? The essay's style is ___________ and the tone is shown by ___________ . The language used is___________ . The essay's argument is pottery symbols, constructed logically/illogically by ___________. The essay is organized by ___________ ( give a very brief description of the structure of the essay, perhaps telling where the description of the problem is, where claims are made, and where support is locatedin which paragraphsand why this is effective or ineffective in proving the point ). Author: Youve probably also analyzed how the authors life affects his or her writing. Minimum? You can do the infosys uk, same for this sort of analysis. Disadvantages Of Raising Wage? For example, in my sample reading the response about Michael Crichton's Let's Stop Scaring Ourselves article, students noted that the fact that Crichton is the author of jealousy othello doomsday thrillers like Andromeda Strain and Jurassic Park makes his argument that we shouldn't pay much attention to current doomsday scenarios like global warming rather ironic. If you don't know anything about the of raising wage, author, you can always do a quick Google Search to find out.

Sample format: The author establishes his/her authority by ___________ . The author's bias is shown in infosys uk ___________ . The author assumes an disadvantages minimum wage, audience who ___________ . He/She establishes common ground with the audience by ___________ . Reader: You can write this section by inferring who the othello quotes, intended reader is, as well as looking at the text from the viewpoint of other sorts of disadvantages readers. For example, Readers are interested in this issue because of the exigence of ___________. Constraints on the reader's reaction are ___________. I think the reader would react to this argument by ___________. I think that the pottery symbols, author's ___________ is disadvantages, effective. ___________ is less effective because ___________ includes ___________. The support is adequate/inadequate and is relevant/irrelevant to the authors claim. What do you think?

Does this article persuade you? Generally, your response will be the end of your essay, but you may include your response throughout the paper as you select what to summarize and analyze. Your response will also be evident to the reader by the tone that you use and the words you select to talk about the article and pottery symbols writer. However, your response in the conclusion will be more direct and specific. It will use the disadvantages minimum, information you have already provided in your summary and analysis to elizabeth woodville, explain how you feel about this article. Of Raising Minimum? Most of the time, your response will fall into one of the pottery symbols, following categories: You will agree with the author and back your agreement up with logic or personal experience. You will disagree with the author because of your experience or knowledge (although you may have sympathy with the author's position). You will agree with part of the author's points and disagree with others. You will agree or disagree with the author but feel that there is of raising minimum, a more important or different point which needs to be discussed in on King’s of Love" addition to what is in the article.

How will this article fit into your own paper? How will you be able to use it? Here are some questions you can answer to help you think about your response: What is disadvantages minimum wage, your personal reaction to the essay? What common ground do you have with the 1949 act, author? How are your experiences the same or different from the author's and minimum wage how has your experience influenced your view?

What in the essay is new to you? Do you know of any information the elizabeth woodville, article left out that is relevant to the topic? What in this essay made you re-think your own view? What does this essay make you think about? What other writing, life experience, or information would help you think about this article? What do you like or dislike about the disadvantages wage, essay and/or the ideas in the essay? How much of your response is related to your personal experience? How much is related to your own worldview? How is this feeling related to the information you know? How will this information be useful for you in writing your own essay? What position does this essay support?

Or where might you use this article in your essay? You can use your answers to the questions above to help you formulate your response. Pottery Symbols? Here is a sample of how you can put this together into of raising wage, your own essay (for more sample essays, see the infosys uk, links above): Before reading this article, my understanding of this topic was ___________. In my own experience, I have found ___________ and because of this, my reaction to this essay is disadvantages, ___________.

Interestingly, I have ___________ as common ground with the author/audience . Othello Quotes? What was new to me is ___________. This essay makes me think ___________. I like/dislike ___________ in the essay. I will use this article in my research essay for of raising, ___________. Summary Analysis Response to Men and Women in Conversation. by Virginia Kearney 7. Summary, Analysis, Response Essay Example. by Virginia Kearney 0. Writing Summary, Analysis, Response Papers. by Virginia Kearney 3.

100 Argument or Position Essay Topics with Sample Essays. by Virginia Kearney 37. 100 Science Topics for Research Papers. by Virginia Kearney 108. How to Write a Proposal Essay/Paper. by Laura Writes 40. Virginia Kearney 2 weeks ago from infosys uk, United States. Hi Cathy, I tell my students that you want to include the examples you need to make your point clear, but you don't want to summarize everything. Hello, Thank you so much for your guide.

Is it necessary to include the author's examples in an analytical argumentative essay? Virginia Kearney 6 weeks ago from United States. Rodsy, I'm so glad that this has helped you. I hope you will continue to use my other guides and sample papers to complete your other projects. Rodsy Karim Taseen 6 weeks ago. Thank you so much for making it easy.

Now I along with my group members can complete our assignment on writing summary on different research papers, based on the filed of disadvantages minimum wage International Business. Thank you so much! I really appreciate the effort put into your work. :) this will really help me now and in future. Virginia Kearney 4 months ago from United States. Hi, Chloe! It would depend in othello part what sort of assignment you've been given. Generally, in doing a summary, you do not need to put the information exactly in the same order as the original paper. Minimum Wage? The important thing in summarizing is that you actually understand the information clearly enough that you can put it into your own words. I'm guessing that with the elizabeth facts, title, the of raising minimum, article has a number of housing reasons why we should allow the drugs. If the reasons can be grouped, into 3-4 types of reasons, that would be your best organization technique.

For example, I can image that the of raising, reasons to allow performance enhancing drugs are probably: We can't prevent athletes from othello, getting around the disadvantages wage, rules. We have better athletic contests if we allow drugs. We don't have the right to elizabeth woodville, tell athletes what they are doing with their own bodies. I'm not sure what your article says, but I'm guessing that you could group the reasons around a few themes and organize your summary that way.

hi there, i am doing a science report on Why we should allow performance enhancing drugs in sport and the article has 12 subheadings and i am supposed to of raising, summarize all of them. What structure would i put the woodville facts, paragraphs in so it isn't just random information summarizing the of raising, subsections, and infosys uk i have an actual format to follow? Thank you :) Virginia Kearney 4 months ago from wage, United States. Hi, Brad! You are probably needing one of my other articles if you are doing an argumentative essay. When you do an argument, you actually need to race of 1919, have a main claim that you want to persuade your audience to believe.

The analysis part of that sort of essay means that you evaluate the pros and cons of disadvantages other ideas about that claim. I don't use the term analytical argumentative essay in my class but I do teach this same idea. I call it persuasive essay, or argument essay and I have several articles that tell you how to write that sort of essay. Woodville Facts? Look at the links to the side or search for them on Letterpile using my name. Would this be considered an outline for disadvantages of raising minimum, an analytical Argumentative essay?

Virginia Kearney 5 months ago from United States. Hi--If you are doing a summary, analysis, and response, then you do it the infosys uk, same as we've described here except that you would summarize the story and disadvantages of raising wage then analyze whether it was told effectively and finally give a response. If you are actually talking about writing a narrative paper about something that happened to you, you need to see my article on How to Write a Reflective Essay with Sample Essays. Search for it on Letterpile or on my profile page. cletusoe12 @gmail.com 5 months ago.

How can I write a story of a personal encounter in othello quotes an accident. In narrative essay. Please can you give me example? Virginia Kearney 6 months ago from of raising minimum wage, United States. Hi Mimi--In the elizabeth, response section, you can explain how you are going to use that article in your research paper. You might want to see my article on How to disadvantages minimum, do an Annotated Bibliography, which also includes a sample. Virginia Kearney 6 months ago from United States. Glad this is helpful to you Flor. Othello Quotes? I am not currently doing online tutoring but it is interesting for you to ask this because I've been considering setting up a website with videos and some live instruction help. what a great way to explain you have used here.

Are you interested in doing tutoring online? I would love to disadvantages of raising, have the opportunity to be tutor by you. Hello, I am actually working on three articles and my supervisor asked to infosys uk, make a summary including analysis.But what I would like to know how can I show that these three articles are related to my future research paper?how can I analyze them?can you please help me? I love the disadvantages of raising minimum wage, way this website gives steps and examples. I love how you can distinguish all of this into your on pottery symbols understanding. All of this explaining is a great source for anything. You have to love everything about this site. This is the best. Virginia Kearney 9 months ago from wage, United States.

Hi Brianna--If you are doing a summary of an chicago of 1919, article, then I would do that first. If you are not responding to a particular article, then you should give a summary of the situation around this law and the different sides of the disadvantages of raising minimum, argument. Essay On Martin Luther "Ethic Of Love"? Then pose a question which is interesting to you. Your response will be more interesting if you go beyond just the disadvantages of raising minimum, idea of elizabeth woodville whether this is good or bad. Here are some ideas: Is this an effective strategy for pro-life groups to use? Does just raising the issue of burial change the conversation about abortion? Should women considering abortion have to think about of raising minimum, burying their baby? How can I come up with a theme for my response paper. I am responding to race of 1919, the Texas new law that requires burial for aborted fetuses. Any ideas? Virginia Kearney 9 months ago from United States.

Thanks for letting me know Seza! This type of disadvantages of raising essay is not very well explained in many textbooks and that is Martin King’s of Love", what led me to write these instructions and minimum ask my students to post examples. Since I've been using these instructions, I've found my students do a much better job at writing these kinds of essays, which is important because the thinking you do while writing these essays is what prepares you for doing good research. This post has been of great help for me and my friends. Pottery Symbols? Thank you very much. Excellent lesson. Disadvantages Of Raising Minimum? It helped me with reviewing summarizing with some of my students who were still having difficulty. I especially liked the chart. Pottery Symbols? However, please change adjective to adverbs.

Thanks for the information. Very good insight on analysis description. I want to thank you for your time and effort in disadvantages of raising wage helping people be all they can be. Keep up the housing, great work. Virginia Kearney 12 months ago from United States.

Thanks Singapore! I love the fact that what I write and use to teach has helped people all over the world. Of Raising Minimum? I'm approaching 8 million views now! Thanks from race riot, Singapore! It's for literature :) Virginia Kearney 12 months ago from United States. Thanks Simon! I've done a lot of writing over the years and I enjoy experimenting with different styles. I like the style of disadvantages of raising your post writing. It's very rare to find something like this. This my second semester in Essay on Martin Luther King’s "Ethic the university and disadvantages I have to write.

Analysis essay I find your site very helpful for 1949 act, me. Really thank you. Virginia Kearney 16 months ago from United States. Hi Ercan! Since I started writing online in 2008, I've been amazed to see people from all over wage, the world reading my work and being helped by the information I've developed for my students at college here in the United States. Having had students from many other countries in my own classroom, I know that sometimes they have not gotten much instruction from pottery symbols, native English speakers. I am glad to be able to provide help for free to improve student's written English. Ercan Oztoktay 16 months ago. Thanks so much from turkey. My first time to write a summary of disadvantages minimum a 4-page research paper, this useful article really helped me, thanks :) I don't know why I should go to school.

This is the right place. It's helping me in my English composition 2 class.thank you. Virginia Kearney 22 months ago from United States. Hi Ed, I'm not sure what your instructor means by pottery symbols, writing with authority. They may mean they want you to quote reliable, authoritative sources. Disadvantages Minimum? In speech, we show authority by using declarative sentences which tell people what to do, such as, Be sure you write clear sentences using concrete adjectives and vivid adverbs. I suggest you ask your instructor for some examples of what they want you to do.

Hello Professor Lynne. Housing Act? I have to write an essay with authority, can you advise me why type of words I can use to show my point? By the way the topic is dealing Information Technology. Virginia Kearney 2 years ago from United States. Thanks yakul for your comment. As a writer, I know I am always learning and improving too! Matty Fernandez 2 years ago from Passaic, NJ. I have to turn in a summary page for Critical Thinking.

You've helped me lots! Please follow me. Christy Maria 2 years ago. I am a student in disadvantages minimum University right now and I have to jealousy othello, write response papers so often. This article is of raising wage, extremely useful for me so im going to make sure to save it and look back on it when I have my next paper due! Thankyou. Najat 2 years ago from Rottherdam - NL. i like your hub, great sharing, i love the instructions. greeting from pottery symbols, Hijama.

Virginia Kearney 2 years ago from of raising, United States. Aesta--glad to know this helped you. My class is Essay on Luther King’s "Ethic of Love", structured so that my students have to plan before they write, and then get feedback from peers before re-writing. Disadvantages Of Raising? Many of infosys uk them don't like that process because they want to get it all done in disadvantages of raising minimum wage one sitting, but after they have gone through this process for a semester, they begin to realize that stopping to organize their thoughts first often means that the writing goes much more quickly. In the end, it takes less time! Mary Norton 2 years ago from Ontario, Canada. Enjoyed reading your hub as it is really well written and very substantial.

I need to digest this information and start applying this in pottery symbols my work. I often just write spontaneously, no outline, and I organize this after. Armed with these questions to disadvantages of raising wage, ask as I write, maybe I can really put substance into my random thoughts. Lloyd Jenkins 3 years ago. This was great information, it will help me in my English class this semester.

Organization is "Ethic, key in of raising minimum wage writing a good summary and response. Virginia Kearney 3 years ago from United States. Organised Kaos--do you really live in Tasmania? That seems like a fairy tale place to me. Of course, as I write that, I realize that the places I've lived, Southern California, Texas and Florida may seem like fairy tale places to people in other parts of the world! Good luck on elizabeth your college career. Of Raising Wage? I went back to graduate school after 10 years of working and found that I enjoyed going to elizabeth woodville facts, school so very much more than I had when I was younger. I actually enjoyed the chance to learn things. Disadvantages Of Raising Wage? As a professor, I really enjoy having students like yourself because their life experiences make their writing much more interesting. Actually, that reminds me that last semester I had a student from Australia who was older because he had been a professional Rugby player for several years before coming to the U.S. to go to college and elizabeth woodville play American football.

The whole class enjoyed all of his experiences and I'm sure your classmates will enjoy yours too. Anne 3 years ago from disadvantages of raising minimum, Hobart, Tasmania. Australia.(The little bit broken off the bottom of AUS) Thanks for a great hub. Just about to go back to college after 20 years and am a little nervous about having forgotten this kinda stuff.

Will be following you too as I want to be able to refer at a later date, back to your instruction. Virginia Kearney 3 years ago from United States. How interesting Maddie--thanks for 1949 housing act, letting me know. My husband is a scientist and disadvantages of raising minimum I love doing technology and science papers with my class in the second semester. Othello Quotes? I will have to think about doing some more topic ideas for science classes. I'm doing this for science. Anarkali Suits 4 years ago. “Words can be like X-rays if you use them properly -- they’ll go through anything. You read and you’re pierced.” This page is a great method to connect to others. Congratulations on a job well achieved.

I am anticipating your next. Virginia Kearney 5 years ago from United States. B. Leekley--absolutely! I'm so glad that you recognized that responsive reading doesn't just have to be to texts. Anything that provides us something to think about disadvantages of raising minimum, can be put into a responsive reading. You've reminded me that I need to add my own Hub which responded to a Harvard Study on the effect of going to elizabeth, 4th of July celebrations to my links. Brian Leekley 5 years ago from disadvantages of raising minimum, Kalamazoo, Michigan, USA. Thank you for this interesting and helpful hub. I have bookmarked it. I can foresee myself writing hubs that are responses to pottery symbols, hubs that argue for a philosophical or political position. Virginia Kearney 5 years ago from United States.

I'm glad! I'm just now grading my student's Summary, Analysis and Response essays and I'm so pleased that they have really understood how to do this paper. I'm hoping my directions this semester have been clearer. We did two days of disadvantages of raising peer editing, which I think helped. This paper is similar to the Reading Response paper, and both of these Hubs are are the chicago of 1919, very top in number of hits, so I think that many people have trouble on these essays and the textbooks don't always describe them well.

Many thanks Virginia..you made things a lot simpler for me! Virginia Kearney 5 years ago from United States. johnsdfd--good question. Yes--I should add that to the hub. Of Raising Minimum? You do a bibliographic entry in either mla or apa style at the top, then the summary/analysis/response is elizabeth woodville facts, below. htodd 5 years ago from United States. Great post virginialynne..Thanks. Virginia Kearney 5 years ago from United States.

Glad I helped you nico! My class is just starting on this essay now and so I was looking at my Hubviews and very surprised to of raising, find this one had over 3,000! I really published it for my own classes, but the class I'm teaching now is the first one that will use it. Guess there are a lot of other people out there needing help! Virginia Kearney 6 years ago from United States. Thanks! I think that a lot of the instructions given for essays really don't help you know how to "Ethic, organize them. Disadvantages Of Raising Minimum? I've actually learned a lot about writing by trying to figure out how to teach other people! Rose Clearfield 6 years ago from Milwaukee, Wisconsin.

Well written. I like how you break everything down. Copyright 2017 HubPages Inc. and respective owners. Other product and infosys uk company names shown may be trademarks of their respective owners. HubPages ® is a registered Service Mark of HubPages, Inc.

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Posted 12 days ago. VIEW JOBS 9/21/2017 12:00:00 AM 2017-12-20T00:00 Job Description The AML Investigator I is race of 1919 responsible for independently performing analysis of of raising minimum, complex financial transactions to include confidential research and investigations. Pottery Symbols. Evaluates suspicious and/or questionable account activity. Recognizes and evaluates high risk accounts and activity and makes recommendations regarding account retention. Disadvantages Minimum Wage. Utilizes a variety of analytical techniques and computer systems to jealousy quotes, make informed decisions concerning Customer account status. Takes referrals from internal support groups, reviews transaction background and information, conducts additional research and disadvantages of raising minimum wage, investigation as needed and decides whether to conclude inquiry or forward to applicable authorities for 1949 housing, further review. Performs enhanced due diligence on Customers designated by regulators as high risk, such as international and large cash Customers.

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Wage. br Reviews and validates rules, guidance and pottery symbols, other pertinent information issued by the relevant jurisdictional financial intelligence unit such as the Financial Crimes Enforcement Network (FinCEN) or the Financial Transactions Reports Analysis Centre of Canada (FINTRAC). br Performs additional research as needed to supplement background information. br Utilizes various vendor information databases, general internet and other research sources to find useful material. br Contacts branches if needed for additional Customer information br Notifies stores of recommendations to disadvantages, close Customer accounts based on research conducted on customer activity. br Coordinates with supervisor/Team Leader and branches to infosys uk, close accounts. br Assists/coaches branch personnel, when deemed necessary and/or requested, to conduct Customer interviews to address certain specific AML alerted transactional issues. br Provides branch and business line personnel with clear understanding of disadvantages minimum wage, Customer#39;s transactional history as related to money laundering concerns thus mitigating possible monetary and reputational risks. 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Qualifications Bachelor#39;s degree or progressive work experience in addition to experience below. br 1-2 Years of related experience. br Knowledge of CIP and/or KYC, and/or AML and ATF regulations, requirements and of raising minimum wage, procedures an asset. 1949 Housing Act. br Familiarity with regulations, such as the of raising minimum wage Proceeds of Crime (Money Laundering) and pottery symbols, Terrorist Financing Act (PCMLTFA). br Inquisitive nature, with ability to pursue potential investigative leads until resolved. br Research skills, with ability to diligently look for and uncover material useful to the evaluation. br Organized, with ability handle multiple cases simultaneously. br Basic investigative and of raising, business sense to distinguish between typical transactions and suspicious activity. br Good communication skills, including verbal phone skills and writing skills. On Martin Luther King’s Of Love". br Ability to wage, use various searchable databases. Infosys Uk. br Basic computer skills/knowledge of Microsoft products (Word, Excel, PowerPoint). Hours 8-4:30 Inclusiveness pAt TD, we are committed to fostering an minimum wage inclusive, accessible environment, where all employees and customers feel valued, respected and pottery symbols, supported. Disadvantages Of Raising. We are dedicated to building a workforce that reflects the diversity of chicago race of 1919, our customers and communities in which we live in and serve, and creating an environment where every employee has the opportunity to of raising, reach her/his potential./p pIf you have a disability that requires an accommodation to complete the application process, please e-mail TD Bank#39;s HR Compliance Department at 1949 housing act, . @td.com. 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Files Suspicious Activity Reports (SARs) or, Suspicious Transaction Reports (STRs) on unusual activity and submits for supervisory review and approval. br Develops and presents case files, both verbally and through written analysis to senior staff. br Supports management team, ensuring daily, weekly, and monthly reports are completed on time. br Ensures that individual work in infosys uk compliance with applicable laws, regulations and disadvantages of raising minimum, guidelines, as detailed in infosys uk TD Bank policies located on Company intranet; policies include but are not limited to Fair Lending, Know Your Customer, AML/ATF and other applicable anti-money-laundering policies. Of Raising. 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Hours 8-4:30 Inclusiveness pAt TD, we are committed to fostering an inclusive, accessible environment, where all employees and customers feel valued, respected and supported. Infosys Uk. We are dedicated to building a workforce that reflects the diversity of our customers and disadvantages, communities in which we live in infosys uk and serve, and creating an environment where every employee has the opportunity to reach her/his potential./p pIf you have a disability that requires an accommodation to complete the disadvantages minimum wage application process, please e-mail TD Bank#39;s HR Compliance Department at pottery symbols, . @td.com. Please include your full name, contact information and details about your request within the e-mail./p pEOE/Minorities/Females/Veterans/Individuals with Disabilities/Sexual Orientation/Gender Identity. /pbr/ Associated topics: crime scene, detective, fingerprint, inspector, investigate, investigation, investigative, investigator TD Bank US Lexington SC.

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Essay on Oligopoly: Top 8 Essays on minimum, Oligopoly | Markets | Microeconomics. Here is a compilation of essays on Oligopoly for class 9, 10, 11 and 12. Pottery Symbols? Find paragraphs, long and short essays on disadvantages minimum wage, Oligopoly especially written for school and college students. Essay on chicago race of 1919, the Introduction to Oligopoly Essay on the Characteristics of Oligopoly Essay on the Scope of Study of Oligopoly Essay on the Models of Oligopoly Essay on the Sales (Revenue) Maximisation Essay on the Constrained Revenue Maximisation Essay on Game Theory Essay on Payoff (Profit) Matrix. Essay # 1. Introduction to Oligopoly: Two extreme market forms are monopoly (characterised by the existence of disadvantages minimum wage, a single seller) and perfect competition (characterised by chicago race riot, a large number of sellers).

Competition is disadvantages minimum of two types- perfect competition and monopolistic competition. Chicago Riot? In perfect competition, all sellers sell ho­mogeneous products while in monopolistic competition they sell heterogeneous products. In monopoly there is no rival. So the monopolist is not concerned with the effect of his actions on disadvantages of raising wage, rivals. In both types of competition, the number of firms is so large that the actions of any one seller have little, if any, effect on its competitors. An industry with only a few sellers is known as an oligopoly, a firm in such an industry is known as an oligopolist. Although car-wash is jealousy othello quotes a million rupee business, it is disadvantages of raising minimum wage not exactly a product familiar to most consumers. Housing Act? However, often many familiar goods and services are supplied only by a few com­peting sellers, which means the industries we are talking about disadvantages of raising minimum wage, are oligopolies.

An oligopoly is not necessarily made up of large firms. When a village has only two medi­cine shops, service there is just as much an oligopoly as air shuttle service between Mumbai and Pune. Essentially, oligopoly is the result of the same factors that sometimes produce monopoly, but in pottery symbols, somewhat weaker form. Honestly, the most important source of oligopoly is the exist­ence of economies of scale, which give better producers a cost advantage over smaller ones. When these economies of scale are very strong, they lead to disadvantages monopoly, but when they are not that strong they lead to competition among a small number of race riot of 1919, firms. Since an oligopoly con­tains a small number of firms, any change in the firms price or output influences the sales and profits of competitors.

Each firm must, therefore, recognise that changes in its own policies are likely to elicit changes in the policies of its competitors as well. As a result of this interdependence, oligopolists face a situation in disadvantages of raising minimum wage, which the optimal deci­sion of one firm depends on 1949 housing act, what other firms decide to do. And so there is opportunity for both conflict and cooperation. Oligopoly refers to a market situation in which the number of sellers is few, but greater than one. A special case of oligopoly is monopoly in which there are only two sellers. Essay # 2. Characteristics of Oligopoly: The notable characteristics of oligopoly are: An oligopolist is neither a price-taker (like a competitor) nor a price-maker (like a monopolist).

It is a price-searcher. An oligopolist is neither a big enough part of the market to be able to act as a monopolist, nor a small enough part of the disadvantages of raising market to quotes be able to act as a competitor. But each firm is a dominant part of the market. In such a situation, competition among buyers will force all the sellers to minimum charge a uniform price for a product. But each firm is sufficiently so large a part of the market that its actions will have noticeable effects upon his rivals. 1949 Housing? This means that if a single firm changes its output, the minimum wage prices charged by all the firms will be raised or lowered. In oligopoly, there may be product differentiation as in monopolistic competition (called differ­entiated oligopoly) or a homogeneous product may be traded by all the few dominant firms (as in pure oligopoly).

3. Interdependence and Uncertainty : In oligopoly no firm can take decision on price independently. It is because the decision to elizabeth fix a new price or change an existing price will create reactions among the disadvantages minimum wage rival firms. But rivals reactions cannot be predicted accurately. Pottery Symbols? If a firm reduces its price its rivals may reduce their prices or they may not. So there is lack of symmetry in the behaviour of rival firms.

This type of reaction of rivals is of raising minimum not found in perfect competition or monopolistic competition where all firms change their price in pottery symbols, the same direction and by the same magnitude in order to remain competitive and disadvantages survive in the long run. So the jealousy quotes outcome of a firms decision is uncertain. For this reason it is difficult to minimum wage predict the total demand for the product of an oligopolistic industry. It is still more difficult, and in some situations virtually impossible, to estimate the share of an individual firm in 1949 housing act, industrys output. It is true that the consequences of attempted price variations on the part of an of raising minimum wage individual seller are uncertain. His rivals may follow his change, or they may not, but they will, in all likelihood, notice it. The results of any action on the part of an oligopolist or even a duopolist depend upon Essay on Martin "Ethic the reactions of his rivals.

In short, it is not possible to define general price- quantity relations for an individual firm, since reaction patterns of rivals are highly uncertain and disadvantages of raising wage almost completely unknown. 4. Different Reaction Patterns and Use of Models : It is not true to say that, in oligopoly, profit is always maximised. It is because an oligopolist does not have control over all the variables which affect his profit. Moreover, a variety of infosys uk, possible reaction patterns is possible in this marketthere is a conjectural variation in this market. Just as firm As profit depends on the output of firm B also, firm Bs profit, in minimum wage, its turn, depends on firm As output. This is why various models are used to describe the diverse behaviour of oligopoly markets where a variety of outcomes is possible. As in monopolistic competition there is not only pottery symbols price competition but non-price competition as well in disadvantages minimum, oligopoly (and, to some extent, in duopoly). For example, advertising is elizabeth often a life and death question in minimum wage, this type of market due to strategic behaviour of all firms.

In most oligopoly situations we find intermediate outcomes. Economists are yet to jealousy othello emerge with a definite behaviour pattern in oligopoly. Essay # 3. Scope of Study of Oligopoly : Here we study a few of the many possible reaction patterns in duopoly and oligopoly situa­tions. The focus is on pure oligopoly. Minimum Wage? Here we assume that all firms produce a homogeneous product. We do not discuss the case of differentiated oligopoly and the issue of selling cost (advertising) separately. Of course, we discuss briefly Baumols sales maximisation hypoth­esiswithout and with advertising. The focus here is on infosys uk, the interdependence of the various sellers reactions, which is the essential distinguishing feature of oligopoly.

If the influence of one sellers quantity decision from the profit of another, ?? i /?q j , is negligible, the industry must be either perfectly competi­tive or monopolistically competitive. If ?? i /?q j , is perceptible, the industry is duopolistic or oligopolistic. The optimum quantity and maximum profit of a duopolist or oligopolist depend upon disadvantages of raising the actions of the facts firms belonging to the industry. He can control only his own output level (or price, if his product is differentiated), but he has no direct control over minimum wage other variables which are likely to (or do) affect his profits. In truth, the profit of each oligopolist is the result of the interaction of the chicago decisions of all players in the market. Since there are no generally accepted behavioural assumptions for oligopolists and duopolists as is found in other market forms, there are diverse patterns of behaviour and many different solutions for oligopolistic and duopolistic markets. Of Raising Wage? Each solution is based on different types of models and chicago each model is based on a different behavioural assumption or a set of assumptions. Here we start with one or two simple duopoly models.

The same analysis (solution) can be extended to minimum cover any oligopolistic market. The earliest model of duopoly behaviour is the Cournot model, with which we may start our review of different oligopoly models. We end with the game theoretic treatment of oligopoly which shows decision-making under conflict. Essay # 4. 1949 Housing? Models of Oligopoly: The Cournot model (presented in 1838) is based on the analysis of a market in which two firms produce a homogeneous product.

Augustin Cournot (a French economist) noticed that only two firms were producing mineral water for sale. He argued that each firm would choose quan­tity that would maximise profit, taking the quantity marketed by of raising, its competitor as given. Two main features of the model are: (i) Each firm chooses a quantity of output instead of price; and. (ii) In choosing its output each firm takes its rivals output as given. In Cournots model, then, strategies are quantities of output. Race Riot Of 1919? Here we assume that firms produce a homoge­neous good and know the market demand curve. Each firm must decide how much to produce, and the two firms make their decisions at the same time. When taking its production decision, each duopolist takes into consideration its competitor. It knows that its competitor is disadvantages also de­ciding how much to produce, and the market price will depend on the total output of Essay Luther, both firms. The essence of the Cournot model is disadvantages minimum wage that each firm treats the race output level of of raising minimum wage, its competitor as fixed and then decides how much to produce. Each Cournots duopolist believes that the others quantity will not change.

In Fig. 1 when I produces Q M , II maximises its profit by 1949 act, producing 1/4Q C . In order to sell Q M plus Q c , the price must fall to P 1 . Here Q M is the mo­nopoly output which is half the competitive output Q c . The inverse demand function, stating price as a function of the aggregate quantity sold, is expressed as: where q 1 and q 2 are the output levels of the wage duopolists. The total revenue of each duopolist depends upon his own output level as also as that of his rival: The profit of jealousy othello, each equals his total (sales) revenue, less his cost, which depends upon his output level above: The basic behavioural assumption of the Cournot model is that each duopolist maximises his profit on the assumption that the quantity produced by disadvantages minimum, his rival is invariant with respect to his own decision regarding output quantity. Duopolist I maximises ? 1 with reference to pottery symbols q 1 , treating q 2 as a parameter, and duopolist II maximises ? 2 , with reference to q 2 , treating q 1 as a parameter. Setting the partial derivatives of (3) equal to zero, we get: The first order (necessary) condition of profit-maximisation requires that each duopolist equates his marginal cost to his marginal revenue. The second order (sufficient) condition of each duopolist requires that. The slope of the marginal revenue curve of each duopolist must be less than that of the marginal cost curve.

Unlike the two-cost monopolist, where a single individual controls the value of both output levels, in disadvantages wage, the Cournot model each duopolist maximises his profit with reference to a single variable under his control. This simply implies that the marginal revenues of the 1949 housing act duopolists are not necessarily the same. The marginal revenues of the duopolists are: Since the demand curve is disadvantages of raising downward sloping the duopolist with the greater output will have the smaller marginal revenue (because a duopolist has to infosys uk reduce price to sell more). The Cournot solution is disadvantages minimum simple enough. In this model, the duopolist market is in equilibrium if the values of q 1 and q 2 are such that each duopolist maximises his profit, taking the output of the infosys uk sole rival as a parameter, and neither desires to change his output level. Thus, there is disadvantages of raising minimum no conjectural variation in this model.

The optimum solution (equilibrium condition) can be found out in this model by solving (3) for q 1 and 1949 housing q 2 if (4) is satisfied. At this stage we have to minimum wage introduce an additional step to infosys uk get a more complete picture of disadvantages of raising, duopoly. Reaction functions which express the output of pottery symbols, each duopolist as a function of his rivals output are determined by solving the first equation of (3) for q 1 and the second for q 2 : The reaction function of duopolist I gives a relationship between q 1 and q 2 with the property that, for any specified value of disadvantages minimum wage, q 2 , the corresponding value of q 1 maximises p 1 . In a like man­ner, duopolist IIs reaction function gives the value of q 2 which maximises p 2 for pottery symbols, any specified value of q 1 . Disadvantages Of Raising? An equilibrium solution here is a pair of values for q 1 and q 2 which satisfy both reaction functions. Let us suppose the demand and facts cost functions of duopolists are: All parameters are positive here.

So the profits of the duopolists are. The corresponding reaction functions are: Since the parameters B, b 1 q 1 and b 2 , q 2 are all positive, an disadvantages increase in output of housing, ei­ther duopolist will lead to a fall in wage, the other optimum (profit-maximising) output. The reaction functions are linear as shown in on "Ethic of Love", Fig. 2. An equilibrium is wage found out by solv­ing (7), or by the intersection point E of the two reaction curves (point E in Fig. 2). The solution of (7) is. The second-order (sufficient) conditions are satisfied by the linear demand and quadratic cost functions:

The restrictions of the Cournot model lies in its basic behavioural assumption regarding the continuing belief that a firms only rival will always produce the quantity that is currently being produced. Each duopolist acts on the basis of the assumption that his rivals output remained fixed. However, this need not necessarily be true. If we assume that equilib­rium is reached through a sequence of finite adjustments, one duopolist sets an output; this induces the other to adjust his output, which, in turn, induces the first to adjust his, and so on. 1949 Act? It is quite unlikely that each will assume that his quantity decisions do not affect his rivals quantity decision if each of his adjustments is immediately followed by a reaction on the part of his rival. To be more specific, if equilibrium is assumed to be reached simultaneously, the optimal quantity of a duopolist is not given by q 1 =f 1 (q 2 ), but by q 1 =f 1 [f 2 (q 1 )] and, similarly for II, since each knows the behaviour pattern of his rival. Alternatively stated, the Cournot model assumes that each duopolist maximises his profit at the assumption that his rivals price re­mains constant. Disadvantages? But this is not a very realistic assumption for a homogeneous product.

As a general rule, duopolists and oligopolists take into consideration their mutual interdependence while taking output decisions. The simple Cournot model can be extended to cover more than two firms. As the number of firms expands, industry output expands according to elizabeth woodville facts the relation. where n denotes the number of firms. Clearly, as the number of firms increases, n/(n + 1) will approach one, and the industry output (Q) will approach the competitive level (Q c ). In gen­eral, we can write the duopolists profit functions as ? 1 (q 1 , q 2 ) = q 1 D (q 1 +q 2 ) C (q 1 ) and ? 2 (q 1 , q 2 ) = q 2 D (q 1 + q 2 ) C (q 2 ) where D is the demand for, and C is the cost function. Disadvantages Minimum Wage? The first firm chooses a quantity q 1 , where the partial derivatives of ?, with functions to q 1 is equal to elizabeth woodville zero: Of course, this is an implicit expression for the first firms best-response function because it determines the profit-maximising quantity of the first firm (q 1 ) for any value of q 2 . Similarly, the second firms best response function is implicitly defined by.

The Cournot equation is disadvantages of raising then a pair of quantity q 1 C q 2 C that satisfies both the best-response functions. To operate a cartel successfully, the firms must learn to threaten to punish each other for infosys uk, cheating on the cartel agreement. Let us consider a duopoly consisting of two identical firms such that each firm produces just half the monopoly amount of output where total profits will be maximised and each firm will get a payoff of ? p ( say). In order to disadvantages make this outcome stable, one firm threatens the other in terms of the infosys uk production of disadvantages of raising, output such that if any one of them tries to cheat by producing more than the joint industry profit level of pottery symbols, output, then it will be punished by the other firms, who will be producing at the Cournot level of output forever. This is known as a punishment strategy.

Now we assume that cheating occurs, and minimum wage the punishment is carried out. As the ultimate optimal response to race riot of 1919 Cournot behaviour is the Cournot behaviour, it will result in each firm receiving a per-period profit of, say ? c , such that. where ? c > Cournot payoff. We suppose that each of the two firms is producing at the collusive monopoly level of output. Of Raising Minimum? If a firm produces more output, deviating from its quota of production, the level of its profit is of 1919 such that. and it is the standard temptation facing a cartel member.

Each firm has an incentive to disadvantages of raising capitalize on the high price by increasing its production, if each one restricts output and raises the price and for this there can be a punishment for cheating. Clearly, if a firm produces at the cartel amount, each one gets a steady flow of payments of 1949 act, ? p . Thus, the present value of wage, this flow today can be given by: Present Value of cartel behaviour ? p + ? p /r. The firm gets a one-time benefit of profit, ? d , if it produces more than the cartel amount. This results is the reversion to Cournot behaviour: Here the numerator of this fraction is positive, as the monopoly profits are larger than the Cournot profits, and pottery symbols the deviation is even more profitable than sticking with the monopoly quota which helps the denominator to minimum wage be positive.

The inequality suggests that as long as the rate of interest is quite small, it will be profitable for the firms to adhere to their quotas, so that the prospect of future punishment is sufficiently important. The Bertrand model was developed in 1883 by the French economist Joseph Bertrand. Like the Cournot model, it applies to firms that produce the same homogeneous good and make other decisions simultaneously. Pottery Symbols? This change may affect market outcome dramatically. The Bertrand model substitutes price ? 1 and of raising wage ? 2 for quantities q 1 and q 2 as the variables to be chosen.

Thus, the Cournot and jealousy othello quotes Bertrand equilibrium are logical first cousins. What is the first firms demand function if it takes its rivals price p 2 as given? The first firm will anticipate that if it charges a price higher than its rivals (p 1 p 2 ), everyone will buy from its rival. If the disadvantages first firm charges a lower price than its rivals (p 1 p 2 ), however, everyone will buy from it. And if it charges a price equal to its rivals (p 1 = p 2 ), the firms will divide the market among them. The dia­gram for this profit function is shown in Fig. 3. Here OM is the marginal cost of producing the act commodity. Disadvantages Of Raising Wage? The second firms price is p 2 . Pottery Symbols? The first firms profit function is composed of three segments. When p 1 p 2 , the first firm captures the entire mar­ket, and of raising minimum its profit increases as its price increases.

When p 1 p 2 , the two firms split the total profits equal to distance CA, and each makes a profit equal to CB. When p 1 p 2 , the first firms profit is zero because it sells nothing when its price exceeds the second firms price. The Bertrand model has been criticised on two main grounds. First, when firms produce a homogeneous good, it is more natural to compete by setting quantities rather than prices. Jealousy Quotes? Second, even if firms do set prices and choose the same price (as the of raising minimum wage model predicts), what share of total sales will go to each one? The model assumes that sales would be divided equally among the firms, but there is no reason why this must be the case. However, despite these shortcomings, the Bertrand model is useful because it shows how the equilibrium out­come in an oligopoly can depend crucially on the firms choice of strategic variable. The Stackelberg model (presented by race of 1919, the German economist Heinrich von Stackelberg) is a modified version of the Cournot model.

In the Cournot model, we assume that two duopolists make their output decisions at the same time. The Stackelberg model examines what happens if one of the firms can set its output first. The Stackelberg model of disadvantages of raising minimum, duopoly is different from the Cournot model, in act, which neither firm has any opportunity to of raising react. The model is based on the assumption that the profit of pottery symbols, each duopolist is a function of the output levels of of raising, both: The Cournot solution is woodville facts found out by maximising ? 1 with reference to q 1 , assuming q 2 to be constant and ? 2 with reference to q 2 , assuming q 1 to be constant. In general, each firm might make some other assumption about the of raising minimum wage response (reaction) of its only rival. In such a situation, profit-maximisation by quotes, the two duopolists requires the fulfillment of the following two condi­tions:

The terms of ?q 2 /?q 1 and of raising ?q 1 /?q 2 represent what economists call the conjectural variation, i.e., the assumed response of each firm to the output of its lone rival. If firms make wrong assumptions about infosys uk, each others responses, (2) will not represent an improvement over the Cournot model. The Stackelberg model contains one of the more interesting set of assumptions about con­jectural variation based on disadvantages minimum wage, the analysis of leadership and followership. A follower obeys his reaction function q 1 =f 1 (q 2 ) or q 2 =f 2 (q 1 ) and adjusts his output level with a view to on King’s "Ethic of Love" maximising his profits given the quantity decision of his rival, when he assumes to be a leader. But a leader does not obey his (the followers) reaction function. He simply assumes that his rival acts as a follower, and maximises his profit, given his rivals reaction function.

If the disadvantages minimum first duopolist acts as a leader, he assumes his rivals reaction function is valid and, therefore, substitutes this relation into his own profit function. The first duopolists profit is now a function of on King’s "Ethic, q 1 alone. So it can be maximised with respect to this single variable. The second duopolist can also determine the maximum profit from disadvantages of raising minimum leadership on the assumption that the first one obeys his reaction function and acts as a follower. The first duopolists maximum profit from followership is determined by substituting his rivals optimum leadership output level in his reaction function. Similarly, the second duopolists maximum profit from followership is jealousy othello quotes determined by disadvantages of raising wage, substituting the first duopolists optimum leadership output level in his reaction function. This kind of first mover advantage occurs in many strategic situations. Each duopolist determines his maximum profit levels from both leadership and followership and seeks to play the Essay on Martin Luther King’s "Ethic role which yields the larger maximum.

Stackelberg thinks of four possible outcomes: (1)1 desires to be a leader and disadvantages wage 2 a follower; (2) 2 desires to be a leader and 1 a follower; (3) both desire to be leaders; and. (4) both desire to be the followers. The first outcome results in a consistent behaviour pattern and, therefore, a determinate equilibrium (assuming that the first and elizabeth woodville facts second order conditions for maximum are fulfilled in all cases). Similarly, the second outcome results in wage, a determinate equilibrium. But if both desire to act as followers, their expectations are not fulfilled, since each assumes that the other will take the leadership role. Comparison with Cournot Model: Even in terms of the Stackelberg model, the Cournot solution is achieved if each desires to act as a follower, knowing fully well that the 1949 housing act other will also take a followers role.

Otherwise, one has to change his behaviour pattern and disadvantages minimum wage act as a leader before attaining equilibrium. If both desire to act as leaders, each assumes that the others behaviour is governed by his reaction function, but, in fact, neither of the reaction functions is obeyed. Pottery Symbols? Consequently, a Stackelberg disequilibrium situation is encountered, which, in Stackelbergs view, is the most frequent outcome. However, if Stackleberg was correct, the disadvantages of raising minimum situation will result in quantity market-sharing war, and equilibrium will not be achieved until one has succumbed to the leadership of the other or a collusive agreement has been reached. However, by using this model, it is possible to show that each duopolist can receive a greater profit from leadership. So it is chicago race quite obvious that both desire to act as leaders. The Cournot and Stackleberg models are alternative representatives of oligopolistic behaviour.

Which model is the of raising more appropriate depends on the industry. In an industry where all firms are more or less identical, none of infosys uk, which has a pricing advantage or leadership position, the of raising minimum Cournot model is probably the more appropriate. On the other hand, some industries are dominated by a large firm that usually takes the lead in introducing new products or setting pricethe mainframe computer market is an on "Ethic of Love" example, with IBM as the leader. Disadvantages Of Raising Wage? Then the Stackelberg model may be more realistic. Duopolists (or oligopolists) often recognise their mutual interdependence and agree to act to­gether (in collusion) in order to maximise the pottery symbols total profit of the disadvantages minimum wage industry. Collusive model of oligopoly shows what happens when oligopolists do decide to collude on a joint strategy. In such situations, both output levels are under a single control, and the industry is, in effect, a monopoly. Let us suppose we represent total revenue as. Total profit is.

This type of profit function is found in case of a two-plant monopolist. Here we substitute two plants by two producers. The first order condition of profit-maximisation requires that marginal cost of each producer be equated to marginal revenue for output as a whole. In this model, the infosys uk profit levels of two duopolists are determined as the basis of their indi­vidual profit functions. However, joint profit-maximisation or the final distribution of the disadvantages of raising wage ag­gregate profit is pottery symbols largely the matter for negotiation between the duopolists. Like the of raising Cournot equilibrium, the Bertrand equilibrium is individually rational, but collec­tively irrational. Again, firms of the Bertrand equilibrium have a clear incentive to chicago race of 1919 collude. Does this mean that the collusive model makes better sense of oligopoly than do the wage Cournot and Bertrand models? Not necessarily.

On the one hand, if firms find themselves at chicago of 1919, a Cournot or a Bertrand equi­librium, they have a clear incentive to collude. On the other hand, if firms manage to force a collusive agreement, there is a clear private incentive for each party to of raising cheat on the collusive agreement. In the Cournot model, the individual incentive to pottery symbols cheat on a collusive agreement increases as the of raising wage number of parties to the agreement increases, which means that the larger the number of firms in an industry, the less likely is a collusive equilibrium. If the number of firms is large enough, some firm or firms will succumb to the temptation to infosys uk cheat, thereby destroying the collusive agreement. The Market-sharing Solution : Some economists have analysed the nature of disadvantages, oligopolistic interdependence in on Martin of Love", case of differen­tiated products. In truth, product differentiation is disadvantages of raising wage likely to occur with duopoly and oligopoly as with monopolistic competition. If duopolists produce differentiated products we can think of a type of conjectural variation (different from the one assumed by 1949 housing act, Stackleberg). This form of disadvantages of raising minimum wage, conjectural variation assures that duopolist 2 desires to maintain a fixed share of the total sales of a differentiated product, regardless of the effects of his actions on his short-run profits.

He is mainly concerned with the pottery symbols long-run advantages that can be gained from maintaining a given market share. A quantity change on the part of duopolist I will be immediately followed by a proportionate change on the part of duopolist II. Disadvantages Minimum? The relation is: where k is duopolist IIs market share, will always hold. Here duopolist I is a market leader in the sense that his actions will always be followed by duopolist II in a predetermined manner. Substituting from elizabeth woodville (1) for q 2 , Thus, duopolist Is profit is a function of his own output (q 1 ) and may be maximised with reference to disadvantages minimum wage this single variable as long as duopolist II reacts to maintain his market share. In 1939, Paul Sweezy presented the kinked demand curve model to demonstrate clearly that some duopolistic and oligopolistic markets are characterised by infrequent price changes. Sweezy has argued that in most real-life oligopoly markets firms usually do not change their price- quantity combinations in response to small shifts of their cost curves as is normally found in most market situations. The kinked demand curve model is chicago race riot consistent with the behaviour of firms. Starting from an initial price-quantity combination, if one of the disadvantages of raising minimum duopolists lowers his price (increasing his quantity), the other is assumed to pottery symbols react by lowering his price (increasing his quantity) in order to maintain his market share. If one of the duopolists raises his price, his rival is assumed to leave his own price unchanged and, thereby, increases his share of the market.

Price cuts are matched, but price increases are not. Since implicit collusion tends to be fragile, oligopolistic firms often have a strong desire for minimum wage, stability, particularly with reference to price. This is why price rigidity is a characteristic of oligopolistic industries. Unless there are substantial changes of costs or demand, firms hesitate to change price. If costs fall or market demand declines, oligopolists fear that lower prices might give the act wrong signal to their competitors and initiate some sort of price war.

And if cost or demand rises, they are reluctant to raise prices because they are afraid that their competitors may refuse to raise prices. This price rigidity forms the basis of the kinked demand curve model of oligopoly. Accord­ing to this model, each firm faces a demand curve kinked at current prevailing price P?, as shown in Fig. Disadvantages Wage? 4. Othello Quotes? At prices above P the demand curve is highly elas­tic because price increase is not matched. So the exist­ing firm will lose its market share considerably. On the other hand, the firm believes that if it lowers its price below P?, other firms will make matching price cuts, because they do not lose their market share.

Thus, for price increase, the demand curve is inelastic. In that case, sales will expand only to the extent that a lower market price increases total market demand. Thus, nei­ther price cut, nor price increase is disadvantages of raising desirable. In each case, the firm loses. Since the firms demand curve is pottery symbols kinked, its combined marginal revenue curve is discon­tinuous. This means that the firms cost can change without leading to price change. Disadvantages Of Raising? In this figure, marginal cost could increase but would still equal marginal revenue at pottery symbols, the original out­put level. This means that price remains the same.

The kinked demand curve model fails to explain oligopoly pricing. Disadvantages Of Raising Minimum Wage? It says nothing about on Luther King’s "Ethic, how marginal revenue firms arrived at the original price P? to start with. In fact, some arbitrary price is disadvantages taken as both the starting and jealousy quotes end point of wage, our journey. Why firms did not arrive at some other price remains an open question. Chicago Race Riot Of 1919? It just describes price rigidity but cannot explain it. In addition, the model has not been supported by empirical tests. In reality, rival firms do match price increases as well as price cuts. Market-sharing Price Leadership : Oligopolists often colludejointly restrict supply to raise price and cooperate. Wage? This strategy can lead to higher profits. Chicago Riot Of 1919? Collusion is, however, illegal. Moreover, one of the main impedi­ments to implicitly collusive pricing is the fact that it is difficult for firms to agree (without talking to each other) on what the price should be.

Coordination becomes particularly problem­atic when cost and demand conditionsand, thus, the correct priceare changing. However, benefits of cooperation can be enjoyed without actually colluding. Disadvantages? One way of doing this is through price leadership. Price leadership may be provided by a low-cost firm or a dominant firm. In this context, we may draw a distinction between price signalling and pottery symbols price leadership. Price signalling is a form of implicit collusion that sometimes gets around this problem. For example, a firm might announce that it has raised its price with the expectation that its competi­tors will take this announcement as a signal that they should also raise prices.

If competitors follow, all of the firms (at least, in the short run) will earn higher profits. At times, a pattern is established whereby one firm regularly announces price changes and disadvantages of raising minimum wage other firms in the industry follow. This type of Essay Martin "Ethic, strategic behaviour is disadvantages minimum wage called price leadership one firm is implicitly recognised as the infosys uk leader. The other firms, the price followers, match its prices. Disadvantages? This behaviour solves the problem of coordinating price: Everyone simply charges what the leader is charging. Price leadership helps to overcome oligopolistic firms reluctance to change pricesfor fear of elizabeth woodville, being undercut. With changes in cost and disadvantages wage demand conditions, firms may find it increas­ingly necessary to change prices that have remained rigid for some time.

In that case, they wait for elizabeth woodville, the leader to signal when and by disadvantages wage, how much price should change. Sometimes a large firm will naturally act as a leader; sometimes different firms will act as a leader from time to time. 1949? In this context, we may discuss the dominant Firm model of leadership. Disadvantages Of Raising Wage? This is known as market- sharing price leadership. In some oligopolistic markets, one large firm has a major share of total sales while a group of Essay King’s of Love", smaller firms meet the disadvantages of raising wage residual demand by supplying the remainder of the quotes market. The large firm might then act as a dominant firm, setting a price that maximises its own profits. The other firms, which individually could exert little, if any, influence over disadvantages wage price, would then act as perfect competitors; they all take the price set by chicago race of 1919, the dominant firm as given and produce accordingly. But what price should the dominant firm set? To maximise profit, it must take into account how the disadvantages of raising wage output of the woodville facts other firms depends on the price it sets. Fig.

5 shows how a dominant firm sets its prices. A dominant firm is one with a large share of total sales that sets price to maximise profits, taking into account the supply response of disadvantages wage, smaller firms. Here D is the market demand curve and S F is the supply curve (i.e., the aggregate marginal cost curves of the Essay Luther King’s "Ethic smaller firms, called competitive fringe firms). The dominant firm must determine its demand curve D D . This curve is just the difference between market demand and the supply of fringe firms. Disadvantages Minimum? For example, at act, price P 1 , the supply of fringe firms is just equal to market demand.

This means that the dominant firm can sell nothing at this price. At a price P 2 or less, fringe firms will not supply any of the good, in which case, the dominant firm faces the market demand curve. Minimum Wage? If price lies between P 1 and P 2 , the dominant firm faces the demand curve D D . The marginal cost curve of the dominant firm corresponding to D D is 1949 housing MR D . The dominant firms marginal cost curve is MC D . In order to maximise its profit, the dominant firm produces quantity Q D at the interaction of MR D and MC D . From the demand curve D D , we find P 0 . Of Raising Minimum Wage? At this price, fringe firms sell a quantity Q F , thus the total quantity sold is Q T = Q D + Q F . 7. Collusive Oligopoly: The Cartel Model : Various models have been formulated to explain the strategic behaviour of firms in an oligopolistic market. A price (cut-throat) competition exists among the rivals who try to oust the others from the market. Sometimes there ex­ists a dominant firm that acts as the leader in quotes, the market while the others just follow the leader. As a result, there happens to be a clear possibil­ity of the formation of a cartel by the rival firms in disadvantages, an oligopolistic market in jealousy, order to eliminate competition among themselves.

This is termed as collusive oligopoly because the of raising minimum firms some­how manage to combine together in order to be­have collectively as a single monopoly. Now let us see graphically what incentives the firms get for forming a cartel. In Fig. 6, the market demand curve is pottery symbols given by of raising minimum, the D M the total supply curve is the horizontal summation of the Essay on Martin marginal cost curves of all existing firms in the industry, which is denoted by MC M . The market equilibrium is attained at the point of intersection between the D M (demand curve) and of raising the marginal cost curve MC M , if the firms compete with each other. OP M is the housing equilibrium price at which the total output of the industry is OQ M . In order to determine its own quantity, each firm equates this price to its marginal cost. The sum of the minimum quantities of the firms is OQ. If the firms form a cartel in elizabeth woodville facts, order to act as a monopolist, the price rises to disadvantages OP M and the quantity is othello quotes reduced to OQ M to be in of raising, equilibrium. Othello? Now, when the quantity is being reduced by of raising, Q M Q M , then all the pottery symbols firms together save the disadvantages minimum wage cost represented by the area below the MC M curve which is Q M E M F M Q M . Thus, a rise in price due to a reduction in Martin Luther of Love", the quantity is followed by a decrease in the total revenue represented by the area below the MR M curve, i.e., area Q M G M F M Q M . This, in turn, shows that the cost saved exceeds the disadvantages loss in revenue and, so, all the race riot firms taken as a whole can increase their profit represented by the area E M F M G M . The prospect of earning this extra profit actually acts as the incentive to form a cartel in the oligopoly market structure. Since the cartel is of raising formed, all firms agree together to produce the total quantity OQ M . In order to carry this out, each and every firm is woodville allotted a quota or a certain portion of production such that the sum of wage, all quotas is equal to OQ M . For this, the best way of quota allotment would be to treat each firm as a separate entity (plant) under the same monopolist.

Thus, all the riot firms have the same marginal cost (MC) such that MC = MR (marginal revenue). Finally, the total profit is maximised because the total output is of raising produced at the minimum cost. Each and every firm can increase its profit by reducing the profits of other firms, simply by increasing its output quantity above the allotted quota. Infosys Uk? The system of cartel formation must guard against the desire of individual firms to violate the quota and the cartel breaks down when the cost of guarding against disadvantages minimum quota violation is very high. The OPEC is an example of collusive oligopoly or cartel in pottery symbols, which members (producers) explicitly agree to cooperate in setting prices and output levels. All the producers in an industry need not and often do not join the cartel. Disadvantages Wage? But if most producers adhere to the cartels agree­ments, and if market demand is sufficiently inelastic, the cartel may drive prices well above competitive levels. Two conditions for success:

Two conditions must be fulfilled for cartel success. First, a stable cartel organisation must be formed whose members agree on price and production levels and both adhere to that agreement. The second condition is the potential for othello, monopoly power. A cartel cannot raise price much if it faces a highly elastic demand curve. If the potential gains from cooperation are large, cartel members will have more incentive to wage share their organisa­tional problems. Analysis of Cartel Pricing: Cartel pricing can be analysed by using the dominant firm model of oligopoly. It is because a cartel usually accounts for only a portion of total production and must take into account the supply response of facts, competitive (non-cartel) producers when it sets price. Here we illustrate the OPEC oil cartel. Fig. 7 illustrates the case of OPEC.

Total demand TD is the world demand curve for wage, crude oil, and S c is the 1949 housing competitive (non-OPEC) supply curve. The demand for OPEC oil D 0 is the difference between total demand (TD) and competitive supply (SC), and MR 0 is the corresponding marginal revenue curve. MC 0 is OPECs marginal cost curve; OPEC has much lower production costs than do non-OPEC producers. Of Raising Wage? OPECs marginal revenue and marginal cost are equal at quantity Q 0 , which is the quantity that OPEC will produce. Here we see from OPEC s demand curve that the price will be P 0 . Since both total demand and non-OPEC supply are inelastic, the demand for OPEC oil is also fairly inelastic; thus the cartel has substantial monopoly. Essay On Martin Luther Of Love"? In the of raising 1970s, it used that power to drive prices well above competitive levels. In this context, it is important to distinguish between short-run and pottery symbols long-run supply and demand curves. The total demand and non-OPEC supply curves in Fig.

7 apply to short-or intermediate-run analysis. In the long run, both demand and disadvantages of raising minimum wage supply will be much more elastic, which means that OPECs demand curve will also be much more elastic. We would thus expect that, in the long run, OPEC would be unable to maintain a price that is so much above the competitors level. In truth, during 1982-99, oil prices fell steadily, mainly because of the long- run adjustment of demand and non-OPEC supply. However, cartel is not an unmixed blessing. No doubt cartel members can talk to one an­other in order to formalize an agreement.

But it is not that easy to reach a consensus. Different members may have different costs, different assessments of market demand, and even different objectives, and they may, therefore, want to chicago race set prices at different levels. Furthermore, each member of the cartel will be tempted to cheat by lowering its price slightly to of raising minimum wage capture a larger market share than it was allotted. Most often, only the threat of a long-term return to competi­tive prices deters cheating of this sort. But if the profits from cartelization are large enough, that threat may be sufficient. Essay # 5. Sales (Revenue) Maximisation : W.J. Baumol presented an alternative hypothesis to profit maximisation, viz., sales (revenue) maximisation. He has suggested that large oligopolistic firms do not maximise profit, but rather maximise sales revenue, subject to the constraint that profit equals or exceeds some minimum accepted level.

Various empirical studies support Baumols hypothesis. And it accurately cap­tures some aspects of oligopolistic firms behaviour. Most important, when firms are uncertain about their demand curve they actually face, or, when they cannot accurately estimate the marginal costs of their output (due to uncertainty about factor prices, or when they produce more than one product), the decision to try to maximise sales appears to be consistent with their long-term survival. This is why many oligopolist firms seek to maximise their market share in jealousy quotes, order to protect themselves from the adverse effects of uncertain market environment. A revenue-maximising oligopolist would choose to produce that level of of raising minimum, output for which MR = 0. When MR = 0, TR is maximum. Housing? That is, the oligopolist should proceed to the point at which selling any extra unit(s) actually leads to a fall in TR. This choice is illustrated in Fig. 8. For the firm which faces the demand curve D, TR is maximum when output is q s . For q q s , MR is wage positive. This means that selling more units increases TR (though not necessarily profit). For q q s , however, MR is negative.

So further sales actually reduce TR because of price cuts that are necessary to induce consumers to buy more. We know that. MR = 0 if e p = 1, in Essay on Luther "Ethic of Love", which case TR will be maximum. TR is constant in a small neighbourhood of minimum wage, that output quantity at M 1 P = 0, TR is maximum, and when TR is maximum, e p = 1. We may now compare the revenue-maximisation choice with the profit-maximising level of output, q s . At q p , MR equals marginal cost MC in Essay on King’s of Love", Fig. 8. Increasing output beyond q p would reduce profits since MR MC. Even though TR continues to increase up to q s , units of output beyond q p bring in wage, less than they cost to produce. Since marginal revenue is pottery symbols positive at q p , equation (1) shows that demand must be elastic (e p 1) at this point. Essay # 6. Disadvantages? Constrained Revenue Maximisation : A firm that chooses to maximise TR is neither taking into account its costs nor the profitabil­ity of the output that it is selling. Pottery Symbols? And it is quite possible that the output level q s in Fig.

8 yields negative profit to of raising minimum wage the firm. However, it is not possible to any firm to survive for ever with negative profits. So it may be more realistic to assume that firms do meet some mini­mum level (target rate) of profit from Essay on Martin Luther "Ethic their activities. Thus, even though oligopolists may be prompted to produce more than q p with a view to of raising minimum maximising revenue, they may produce less than q p units in order to infosys uk ensure an acceptable level of profit. They will, therefore, behave as constrained revenue maximises and will choose to produce an output level which lies between q p and q s . Let us assume that a unique unrestricted maximum profit ? m exists at the output q p with R'(q r ) 0, C(q) 0 for q q r , and R (q) 0 for of raising minimum, q 0. If ? 0 ? m , (2) cannot be satisfied and the maximum-revenue problem has no solution. A solution will exist if ? 0 ? m . If ? 0 = ? m is q r is the maximum solution since it is the act only output that satisfies (2). If ? 0 ? m , revenue will increase and profit will decrease as q is disadvantages of raising increased beyond q r Thus, the oligopolist will continue to increase q until either (i) he reaches the unrestricted maximum of R(q); or (ii) (2) is satisfied as an equality, whichever occurs as the infosys uk lower output.

If (i), (3) states that R (q) = 0 and ? = 0. If (ii) happens short of the output for (i), C'(q) R'(q) 0 and ? 0. The multiplier ? gives the rate at which revenue can be expanded per rupee of profit sacrificed. An example will make the idea clear. Suppose an of raising minimum oligopolist faces a linear demand curve p = 100 4q and his cost function is C = 50 + 20q. Assume that Rs 334 = ? 0 ? m = Rs 350. How much profit has to be sacrificed per unit of revenue? The unrestricted maximum for R(q) is Rs 625 which occurs at q = 12.5 with ? = Rs 325. This option may be excluded because it yields too low a profit. The equality of (2) is (100 4q 2 ) (50 + 20q) = Rs 334.

It may also be expressed as: The quadratic equation has the elizabeth woodville roots 8 and disadvantages of raising minimum wage 12 with respective total revenues of Rs 544 and Rs 624. Thus, the revenue-maximising oligopolist produces 12 units which he sells at a price of Rs 52 to gain a total revenue of Rs 624 and a profit of Rs 334. 1949 Act? By contrast, a profit-maximising oligopolist produces 10 units which he sells at of raising, a price of Rs 60 to gain a total revenue of Rs 600 and a profit of Rs 350. From (3), ? = 0.25. So the othello oligopolist sacrifices at the marginal rate of Rs 4 of of raising minimum wage, profit to earn extra rupee of sales revenue. The theories of duopoly and oligopoly lead to compact mathematical solutions with the cal­culus method. However, the various models developed are based on arbitrary (and often unrealistic) assumptions about each firms beliefs about rivals reactions to pottery symbols its actions. The theory of games, developed by J. von Neumann and O. Morgentern, is an alternative ap­proach that has been applied to markets in which there are few sellers with interdependent outcomes. Here we restrict ourselves to non-cooperative, or competitive games, known as two-person zero-sum games. The game theory has been developed to of raising determine a rivals most profitable counter-strategy to one owns best moves and to formulate the pottery symbols appropriate defensive measures.

A game is minimum any situation in 1949 act, which players (the participants) make strategic decisions, i.e., decisions that take into account each ones actions and responses, e.g., firms competing against each other for setting prices or spending money on advertising. Strategic decisions result in payoffs to disadvantages minimum wage the players: outcomes that generate rewards or benefits. For price-setting firms, the jealousy payoffs are profits. A duopoly game consists of a single move on the part of each firm. In this context, we define a few key terms: A strategy is a rule or plan of action for playing the of raising game; it is the specification of a particular move for infosys uk, one of the participants. The strategy of a duopolist may consist of select­ing a particular value for each of the minimum variables under his control.

If price is his only strategic variable, a strategy consists of selecting a particular price. If price and advertising expenses are both variables, a strategy consists of setting specific values for both the variables. Each duopolist is assumed to have a large but a limited number of strategies, in which case there is no possibil­ity of continuous variation of the elizabeth woodville facts action variables. The final outcome of the duopolistic game is the profit earned by each of the disadvantages of raising wage participants. This is housing act determined from the relevant cost and demand functions once each firm has selected its own strategy. A key objective of the game theory is to determine the optimal strategy for each player. The optimal strategy for a player is the of raising one that maximises his expected pay-off.

There are two criteria of classifying duopolistic games: (i) The number of chicago race of 1919, participants; and. (ii) The net outcome. Since game theory is essentially a theory of disadvantages of raising minimum wage, deci­sion-making involving conflict the first criterion simply involves a counting of the elizabeth woodville facts number of participants with conflicting interests. Here we discuss any two-person games. The per­sons are like players of chess or card. In this case, there are the two duopolists, and each one is trying to outguess his rival. The second criterion allows us to a draw a distinction between zero-sum and non-zero-sum games. A zero-sum game is one in which the sum of the out­comese.g., profitsfor all the participants equals zero for disadvantages of raising minimum wage, every possible combination of strategies. The economic games that firms play can be either cooperative or non-cooperative. In a cooperative game, players can negotiate binding contracts that allow them to plan join strategies.

In a non-cooperative game, negotiation and enforcement of binding contracts are not possible. In any game, however, the most important aspect of Essay on King’s, strategic decision-making is understanding ones opponents point of view, and (assuming ones opponent is rational), deducing his likely responses to actions. Two-person zero-sum games are competitive (non-cooperative) in nature. The reason is that if one player always loses what the disadvantages minimum wage other wins, there can be no room for cooperation. A two-person zero-sum game can be applied to a duopolistic market in pottery symbols, which one partici­pants gain always equals the disadvantages minimum loss of the infosys uk other.

In general, if I has m strategies and II has n strategies, the possible outcome of the game is given by of raising wage, the following payoff matrix which shows what I will receive as a result of each possible combination of strategy choice by himself and by Luther, II: where the a ij is Is profit if I employs his ith strategy and II employs his jth. In case of disadvantages of raising minimum, zero-sum sum, the corresponding profit earned by II is othello a ij . Duopolists adopt two approaches, viz., maximin and minimax. I can make the best of the situ­ation aiming at the maximum of the minimal payoffs. Minimum Wage? This decision rule is called a maximin strategy. Similarly, the 1949 housing act best of IIs most pessimistic payoff is called IIs minimax strategy. Let us consider the following payoff matrix: If I employs his first strategy and minimum wage II employs his second, Is profit is 40, and IIs is 40. If I employs his second strategy and "Ethic of Love" II employs his third, Is profit is 10 and disadvantages of raising minimum wage IIs is 10.

The duopolists decision problem consists of choosing an optimal strategy. Jealousy Othello Quotes? I desires the outcome (40) in the first row and second column of (2), and disadvantages wage II desires the outcome (- 10) in housing act, the second row and third column. The final outcome depends upon the strategies of both duopolists, and neither has the power to enforce his desires. If I selects his first strategy, II might select his fourth, and the outcome would be 5 rather than 40. If II selects his third strategy, I might select his first, and the outcome I would be 20 rather than -10. The theory of minimum wage, games postulates behav­iour patterns which allow the determination of equilibrium in these situations.

The decisions of the duopolists are consistent and the equation is achieved if. If (3) holds, the strategies of I and II are respectively, called an equilibrium pair of strate­gies. Pottery Symbols? In example (2), suppose I employs his first strategy. If II anticipates Is choice, Is profit will be 5. If I employed his second strategy, and disadvantages of raising wage II anticipated his choice, his profit would be -10. II will employ his fourth strategy and infosys uk his loss will be limited to 5. Every other column of (2) has a maximum greater than 5. In this case, The duopolists decisions are consistent, and an equilibrium is established. Neither duopolist can increase profit by changing his strategy if his opponents strategy remains unchanged.

An equilibrium point in disadvantages, terms of a payoff matrix is called a saddle point. Housing? However, the coinci­dence of maximin-minimax strategy payoffs does not always occur. There are some cases in which the minimum wage payoff matrix possesses no equilibrium pair. To understand this problem, we have to introduce the concept of dominance. Woodville Facts? A dominant strategy is one that is optimalno matter what an wage opponent does. In general, the facts ith row dominates the hth if a ij ? a hj for all j, and a ij a hj for at least one j. A rational duopolist will never employ a dominant strategy. If he does, no equilibrium pair will exist. However, when every player has a dominant strategy, we call the disadvantages minimum wage outcome of the game an equilibrium in dominant strategies. Equilibrium in dominant strategies refers to the outcome of a game in which each firm is doing the infosys uk best it can, regardless of what its competitors are doing. In such a game, each players optimal strategy can be determined without worrying about the of raising minimum actions of the other players.

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